Iron ore price plummets as Chinese stockpiles rise

Iron ore prices lost more than 4% of their value on Tuesday, as China’s port inventories have started piling up.

The drop comes as stockpiles in China, the world’s main buyer, climbed 1.2% to 98.5 million tons last week.

The steel-making material traded 4.3% lower to $63.41 a ton, reversing the large gain seen last Friday and reducing gains this year to 46%, according to Metal Bulletin Ltd.

The drop comes as stockpiles in China, the world’s biggest buyer, climbed 1.2% to 98.5 million tons last week, the highest in more than a year, according to Shanghai Steelhome Information Technology Co.